GfK’s long-running Consumer Confidence Index recorded a drop of three points to -19 in February. Three measures were down, one was up and one was flat, compared to last month’s announcement. The Major Purchase Index decreased by four points to -14, leaving it three points higher than last year.
Neil Bellamy, consumer insights director at GfK, an NIQ Company, says: “After a modest improvement in recent months, consumer confidence is down three points in February, returning to the level seen in November 2025. This decline is mainly driven by weaker perceptions of personal finances – both looking back a year and ahead. Fewer people say that now is a good time to make major purchases (a measure that has dropped four points) and fewer consumers intend to save money (the savings index is down seven points).
"Although the rate of inflation is easing, prices continue to rise, forcing many households to prioritise day-to-day spending over longer-term needs. Views on the broader economy remain firmly in negative territory, with consumers anticipating only limited economic growth this year. Unemployment has now reached its highest level in nearly five years, and this is increasing concerns about job security, particularly given the backdrop of weak wage growth. With fewer entry-level opportunities available, those on lower incomes are already feeling the strain, and this trend risks undermining the typically more optimistic outlook held by younger age groups.”
